Ind AS-24 Related Party Disclosures 

Ind AS 24 emphasizes disclosures regarding related party transactions, which can impact an entity’s financial position and profit. It is applied to identify such relationships, outstanding balances, and necessary disclosures in financial statements. Related parties include individuals or entities with control, influence, or key management roles. The standard outlines conditions for relatedness, including group membership, joint ventures, or control by key individuals. Key management personnel are those responsible for directing entity activities. Related party transactions involve resource transfers irrespective of pricing. Disclosures include parent-subsidiary relationships, key personnel compensation, and specifics of related party transactions, such as amounts, terms, and provisions for doubtful debts. These disclosures are categorized and reported separately for clarity. Government-related entities have disclosure exemptions but must provide adequate information for user understanding. Ind AS 24 ensures transparency in financial reporting by highlighting related party involvements and their potential impact.